Australia further invests over $500 thousand into blockchain technology research

8 May 2018

The government in Australia announced its plans to provide AU $700 thousand (about US $521 thousand) to the Digital Transformation Agency for the projects associated with the research into the blockchain applications within the framework of the governmental activity and services.

The funds are assigned from the current resources of the Agency and will be used within the upcoming four years as part of the Agency’s budget for 2018-2019. The Agency was created in 2015 for providing assistance to the Australian government with the shift to digital transformation, while concurrently developing information and communication technology programs and strategies.

The official budget document says that the allocated funds in the amount of AU $0.7 million will be used by the Agency for exploring more areas, where the governmental services could be potentially improved on the basis of blockchain innovations.

Last year Australian research agency published two study reports providing review of possible use cases and risks related to the blockchain. Separately the government noted the blockchain in the consultation paper for the Digital Economy initiative.

Additionally in 2017 the government unveiled its plans to allocate over AU $8 million (about $5.9 million) in grants for a blockchain-powered pilot project researching smart utilities.